5 Ways Frugal People Save on New Year’s Eve Parties
New Year’s Eve is the biggest party night of the year, so if you’re hosting a soiree on Dec. 31, you’d better have an equally outsized budget to match the occasion. After all, the cost of decorations, food, beverages, a venue and countless miscellaneous odds and ends can quickly overload your already hefty holiday bill, leaving you to start the new year with debt and money stress at the forefront.
The good news is that with the right cost-saving strategies, even frugal hosts can afford to be the masters of their own ceremonies this New Year’s Eve.
GOBankingRates spoke with two event-planning experts who spilled their secrets on controlling costs while throwing the last, best party of the year.
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Don’t Spend Money Getting the Word Out
Many ambitious hosts overcomplicate their to-do lists and their budgets from the very start — before they even have a rough head count.
“When planning a party, keep everything as simple as possible,” said Jo Hayes, lifestyle consultant and founder of Etiquette Expert. “Let’s start with invitations. Unless you really want to do hard-copy invites, stick with digital. This will save you a huge amount of time, energy and money. Create a cute and stylish invite on one of the free apps available online — Canva, etc. — and text it to your friends. Grand total cost: $0.”
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Stick With the Only Free Venue in Town
Amy McCord spent 14 years as a professional wedding planner and florist before launching two online companies that specialize in florals for events and weddings, Flower Moxie and Petal Icon.
In her experience, where you have your party is much more consequential for your wallet than what kind of party you have — and if you can’t fit the shindig in your home or apartment, it’s probably best to pass on hosting duties.
“When it comes to hosting a budget-friendly New Year’s Eve party, the venue is often the biggest expense, as it directly impacts the food and drink budget,” said McCord. “Hosting a party at home is the key to controlling costs while avoiding any expense surprises.”
Apply the Potluck Concept to the Bar
Champagne is the drink most closely associated with New Year’s Eve, and if that’s what your guests want, then by all means, that’s what they should bring. If not, whatever suits their fancy will do — just don’t let the entire drink bill land on you.
“Skip the open bar and opt for one signature cocktail while inviting your guests to bring their favorite libations,” said McCord. “By doing this, you ensure all guests are happy, and you are not left with the expense of supplying multiple liquors and their accompanying mixers.”
Hayes concurs.
“BYO is such a common party request that guests won’t be offended or think you’re a poor host,” she said. “If you do choose to provide drinks — or perhaps just nonalcoholic drinks — consider making a punch. It’s easy, tasty, a crowd-pleaser and goes a long way. And the ingredients are usually low-cost.”
Choose Costco Over Catering
Booze, beer and wine are among the most expensive parts of any party, but with a BYO format classed up with a signature cocktail, you’ll have money to spend on food — but paying for catered courses will bust your budget just as quickly as bottles of bubbly.
Now is the time to turn to your warehouse membership club, your local grocery store or even your favorite fast-food joint for culinary cost-effectiveness.
“Food is expensive, so consider Costco platters or a crowd favorite like Chick-fil-A nuggets,” said McCord. “Elevate the presentation by arranging the food on cake stands or pretty platters, adding flowers and garnishes for a polished touch. Instead of serving sauces from plastic or styro containers, pour them into thrifted crystal bowls for a more elegant feel. At the end of the day, it’s the effort and presentation that are the real heroes and the best way to communicate to your guests that you are honored to have them.”
Hit Up Your Guest List for Loaners
If you’re not a seasoned host — or even if you are — your ambitions will likely outmatch your inventory. Before you reach for your Amazon Visa card, remember that your guests probably have and are willing to loan the countless and costly sundries you’ll need to make the evening shine.
“Ask to borrow items you don’t have, like platters, punch bowls and tablecloths,” said McCord. “Friends appreciate being helpful and contributing, and since the items are reusable, you’re not out the cost or the storage.”
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